The Reconstruction Cost of the Earthquake Zone Including Infrastructure Will Be Around 45bn USD

According to the “Ekonomi Gazetesi”, more than 130,000 buildings need to be constructed in the earthquake zone, and an estimated 535,000 residential units are expected to be built in these buildings. The total cost, including the infrastructure and sewage system construction, is estimated to be around 843.5 billion TL. The estimated cost is equivalent to 30% of the 2023 budget deficit, and about 18% of the 4.47 trillion TL budget expenditure.

Infrastructure Costs are as Expensive as Rough Construction Costs per Square Meter

According to the 2023 construction index, the cost per square meter of buildings varies between 6,000 to 8,000 TL, while the cost per square meter of buildings exceeds 10,000 TL when the infrastructure, such as kitchen cabinets, parquet flooring, toilets, etc., are added. The cost per square meter for the construction of public buildings such as healthcare facilities, schools, mosques, etc., is over 15,000 TL.

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SVB Halted Operations Due To FED’s Money Policy After Inflation Crisis

Silicon Valley Bank (SVB), the largest 16th bank in the United States, has experienced the country’s largest bank failure since 2008. The technology sector’s year-long downsizing, in response to the Fed’s tightening policy, eventually affected the major bank, causing heavy global market impacts.

One of the most important banks in Silicon Valley, the center of technology and computing in the United States, Silicon Valley Bank (SVB) has undergone one of the biggest bankruptcies in the country’s history. The Federal Deposit Insurance Corporation (FDIC) swiftly took over the bank’s assets and accounts while the failure of SVB severely shook the general market. It was announced that all insured deposit holders will have full access to their deposits by March 13th.

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German Economy Shrank 2 Times More Than Expected

Germany’s economy shrank more than expected by 0.4% at the end of 2022 due to a decline in capital investment and private consumption, according to data from the statistics office. The previous estimate for production was a contraction of 0.2%. While public spending had a positive impact, economists predict negative growth for the current quarter, which could lead to a recession if realized.

However, the milder winter weather in Germany has helped the country avoid more pessimistic scenarios that could have resulted from Russia’s invasion of Ukraine. Recent indicators, such as the Ifo and ZEW expectation indexes, suggest optimism about the resilience of the German economy. Similarly, surveys of purchasing managers indicate a return to growth through easing supply chain issues and expansion in the service sector, after more than six months of negative data for private sector activity.

More information; Fincurrency

Global Energy Outcome After the War

The ongoing energy crisis, which has worsened during the first year of the Russia-Ukraine War, has led to significant changes in the global energy landscape. The EU’s natural gas imports from Russia have decreased by 75%, and its LNG capacity has rapidly expanded as a substitute. Russia’s revenue from oil and gas has declined by 46%, which could lead to a permanent loss of its position in the energy world. At the same time, uncertainties persist regarding Europe’s gas supply security.

In the EU, natural gas demand has decreased by 10% in 2022, and a further 43% decrease is expected by 2030. Globally, natural gas demand is predicted to peak before 2030, and most of the growth in electricity demand in the next three years will be met by renewable sources.

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The Inflation Data Caused Mystery for the Future of the Economy

The release of new data in the US has caused concern about inflation to increase, leading to a decrease in risk appetite in the markets. The data revealed that personal consumption expenditures rose more than expected in January. The core personal consumption expenditures price index, which excludes food and energy, also exceeded expectations with a monthly increase of 0.6% and an annual increase of 4.7%.

As a result, it is expected that the Fed will increase interest rates by 75 basis points in the near future, with increases of 25 basis points in March, May, and June. The US 10-year Treasury bond yield has risen to its highest level since November 2022, while recession pricing has lost momentum. The difference between the US 3-month Treasury bill yields and the 10-year Treasury bond yield has hit its lowest point since January 5. The US dollar index has risen due to expectations of a 75-basis point interest rate hike by the Fed, completing the week at 105.2, its highest level since the week of November 21.

Fincurrency

Pakistan Banks Association Will Use A Blockchain-Based KYC System

In a move spearheaded by the State Bank of Pakistan (SBP), the Pakistan Banks’ Association (PBA) – an association of 31 traditional banks in the country – has officially approved the construction of a blockchain-based Know Your Customer (KYC) platform. This groundbreaking initiative is designed to enhance Anti-Money Laundering regulations and combat terror financing within Pakistan, providing much-needed security and protection for all citizens.

This New KYC Platform Called Consonance Will Advance Pakistan Into The Blockchain World

The Daily Times recently announced that the PBA had taken a monumental step forward to create Pakistan’s first blockchain-based national eKYC banking platform. Avanza Group is spearheading this venture, named “Consonance,” as member banks will have access to an efficient and self-governed system that allows them to swap customer data with consent from their customers. Having such a structure in place gives financial institutions increased opportunities for assessing both existing and potential clients quickly and securely.

More information; 724 Feed

The Future of Work in a Post-Pandemic World

The COVID-19 pandemic has had a profound impact on the way we work. Companies have had to quickly adapt to remote work, and employees have had to adjust to new work environments and technologies. As we move towards a post-pandemic world, many are wondering what the future of work will look like. In this article, we will explore the potential changes to the workplace and how they will impact workers and companies alike.

The Rise of Remote Work

One of the biggest changes that we have seen during the pandemic is the rise of remote work. With the need for social distancing and lockdowns, companies had to quickly shift to remote work to keep their employees safe. This has led to a greater acceptance of remote work, with many companies seeing the benefits of having a remote workforce. In the future, we can expect to see more companies offering remote work options, as well as more job opportunities for remote workers.

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